The Zhitong Finance App learned that Coca Cola (KO.US) announced first-quarter results that were better than Wall Street expectations on Tuesday, and released a more optimistic 2024 performance forecast.
According to the data, Coca Cola's revenue for the first quarter was US$11.3 billion, up 2.7% year over year, better than market expectations; non-GAAP earnings per share were $0.72, which was also better than market expectations.
Excluding exchange rate changes and the impact of acquisitions, organic revenue increased 11%, higher than analysts' average expectations. The company now expects organic revenue to grow by up to 9% for the full year, higher than the 6% to 7% range previously forecast, and higher than market expectations.
Meanwhile, single-box sales fell short of market expectations, and sales of water, sports drinks, coffee, and tea declined. Coca Cola said that prices, which have been rising steadily in recent quarters, have continued to rise due to rising investment costs. The company raised product prices by 13% in the first quarter, which was higher than market expectations.
Pepsi (PEP.US) reported better-than-expected sales growth last week.
As of press release, Coca Cola was down 0.19% to $61.925 before the market.